Midterm Review Outline

Midterm Review Outline - maximization problem and know its...

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ECON 3102 Midterm Review Outline Part I: Measurement 1. Introduction (Chapter 1) 2. Measurement and national accounts (Chapter 2) 3. Business cycle measurement (Chapter 3) Part II: The one-period economy 4. Microeconomic fundamentals (Chapter 4; Handout 1,2) Characteristics of Utility Functions (Inada Conditions, Marginal Utilities, etc.) The representative consumer’s problem (Know how to set up the consumer’s utility maximization problem and know its components) Solving for optimal consumption allocations The firm's profit maximization problem (Know how to set up the firm’s profit
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Unformatted text preview: maximization problem and know its components) Solving for optimal firm allocations 5. A closed-economy one-period macroeconomic model (Chapter 5; Handout 3) Competitive Equilibrium (Defining CE, Characterizing main equations, etc) Solving for the equilibrium allocations The Social Planner’s Problem Pareto Optimal Equivalence Part III: Introduction to dynamics and economic growth 6. The Solow growth model (Chapter 6) Key Equations relating k, k’ Solving for steady state values 7. Growth convergence (Chapter 7)...
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This note was uploaded on 02/07/2011 for the course ECON 3102 taught by Professor Mingyi during the Spring '08 term at Minnesota.

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